HYBE, based on its robust multi-label structure, has once again set a record in the third quarter.
Direct revenue from music, albums, and performances contributed to its strong performance. HYBE reported a Q3 revenue of KRW 537.9 billion and an operating profit of KRW 72.7 billion, marking a 21% increase in revenue and a 20% increase in operating profit compared to the previous year. This Q3 performance represents the highest third-quarter result in HYBE’s history.
This achievement can be attributed to the active domestic and international activities of HYBE’s artists, including BTS, Seventeen, Tomorrow X Together, Enhypen, Lerceram, and New JiN. In Q3, albums from artists like BTS’s V, Seventeen, and New JiN received great love from fans. Meanwhile, Seventeen, Tomorrow X Together, Enhypen, and Lerceram conducted world tours, leading to a simultaneous increase in both direct and indirect revenue.
For example, BTS’s V achieved the distinction of being the first solo artist in South Korea to exceed 2 million album sales with his September release, “Layover.” Additionally, Seventeen had a remarkable year, selling over 11 million albums from January to September (based on Circle Chart data). They also made a significant impact in Japan, particularly with their first Japanese best album, “ALWAYS YOURS,” which received Gold Disc “Triple Platinum” certification.
The success of Tomorrow X Together’s second Japanese full album, New JiN’s 2nd mini-album “Get Up,” and Lerceram’s “FLAME RISES” world tour also contributed to HYBE’s Q3 results.
Looking at the revenue breakdown, direct participation-based revenue, such as album sales and performances, accounted for KRW 3.824 billion. Album sales specifically saw impressive growth, increasing by 104% YoY to KRW 2.641 billion. Performance revenue also increased by 84% compared to the previous year, reaching KRW 869 billion.
Indirect participation-based revenue, including merchandise (MD), licensing, content, and fan clubs, amounted to KRW 1.554 billion. Contributions came from merchandise related to Seventeen and Enhypen’s tours, as well as the official book “BEYOND THE STORY” released to celebrate BTS’s 10th debut anniversary.
HYBE’s global fan community platform, Weverse, witnessed a 10% increase in monthly average visitors (MAU) in Q3 compared to the previous quarter, recording around 10.5 million MAU. As both existing artists’ fan bases expanded and various domestic and international artists joined the platform, it reached the milestone of 10 million MAU. Additionally, Weverse’s live views exceeded 1 billion, and its related metrics are expected to continue on an upward trajectory as service expansion and enhancement progress.
HYBE’s label artists will continue their diverse performances and album activities in the fourth quarter. For instance, Jungkook is set to release his first solo full album, “GOLDEN,” on the 3rd of the month. This album includes the title track “Standing Next to You,” produced by the producer of “Seven,” Andrew WATT, and “3D,” a digital single that ranked 5th on the Billboard Hot 100 chart.
Seventeen achieved a spectacular feat with their 11th mini-album, “SEVENTEENTH HEAVEN,” surpassing 5.09 million units in initial sales, making them the first K-pop artist to do so. Their Japanese dome tour, which began in September, is part of the City-style Concert Play Park in The City project and will continue until January next year with additional performances in Bangkok, Balakan, and Macao.
Tomorrow X Together’s regular album “이름의 장: FREEFALL,” released in October, achieved double-million seller status with two consecutive albums. They plan to conclude their world tour with an encore concert at Seoul’s Gocheok Sky Dome in December. Enhypen is scheduled to release their 5th mini-album, “ORANGE BLOOD,” on the 17th of this month, and &TEAM will make a comeback with their first regular album on the 15th of the same month.
Lerceram has been expanding its reach with an English digital single titled “Perfect Night,” released on October 27th, which featured a collaboration with Blizzard Entertainment’s “Overwatch 2.” Meanwhile, New JiN’s song “GODS,” released as the theme song for the “2023 League of Legends World Championship,” has attracted the attention of gamers and music fans worldwide.
An HYBE official stated, “HYBE is dedicated to expanding genres and building a diverse music portfolio, which is resulting in the simultaneous growth of album and music sales.” They added that HYBE continues to seek sustained growth through both inorganic methods like mergers and acquisitions (M&A) and organic methods like projects such as “The Debut: Dream Academy.”
